A guide line on how to comply with International Trade Embargo’s
To a greater or lesser extent the international politics are using sanction measurements.
The European Union, the United States and individual countries put in sanctions for violation of international rights, for violation of international human rights or fight against terrorism. Besides weapon embargo’s, freezing of credits, travel- and visa restrictions we see an increasing number of trade restrictions leading to International Trade Embargo’s.
Trade sanctions can apply differently from country to country. Herewith trade sanctions more and more influence the worldwide business life. The three most be found sanctions are pointed on:
1. Specific countries;
2. Specific sorts of products;
3. Certain registered persons, organizations & companies.
Sanction measures are legally stated and as a consequence also applicable on (cargo) insurance.
The working of trade sanctions is also applicable on the insurance policies Atlas has taken out on behalf of their members. In these policies an explanation applies by means of a so called “sanction clause” which clause reads as follows: